Sales rep in court over alleged theft of N1m goods

Lagos, Jan. 31, 2019 (NNN) A 34-year-old saleswoman, Ogechi Agbazu, who allegedly stole her employer’s N1 million worth of ladies’ bags and shoes, has appeared before a Tinubu Magistrates’ Court in Lagos.

UK new car sales collapse in May as lockdown continues to impact market

New car registration in Britain plunged by 89 percent in May compared with the same month a year earlier, as the coronavirus lockdown restrictions continued to impact the market, according to a report released Thursday.

Data showed that apart from battery electric vehicles, all segments and fuel types saw severe declines, with the sales of diesel and petrol vehicles in the month plummeting by 93 percent and 90.5 percent respectively over the same month last year.

The figures came as car showrooms in England have been allowed to re-open since the beginning of June following more than two months of shutdown. Car showrooms remain closed in Scotland, Wales and Northern Ireland until next week.

“After a second month of shutdown and the inevitable yet devastating impact on the market, this week’s re-opening of dealerships is a pivotal moment for the entire industry and the thousands of people whose jobs depend on it,” said Mike Hawes, chief executive of the SMMT.

“Customers keen to trade up into the latest, cutting-edge new cars are now able to return to showrooms and early reports suggest there is good business given the circumstances, although it is far too early to tell how demand will pan out over the coming weeks and months,” said Hawes.

Hawes added that restarting the market is a crucial “first step” in driving the recovery of the country’s critical car manufacturers and supply chain, and supporting the wider economy.

“Ensuring people have the confidence to invest in the latest vehicles will not only help them get on the move safely, but these new models will also help address some of the environmental challenges the UK faces in the long term,” he said.

Indian 2-wheeler sales decline by 70-83 pct in May as COVID-19 bites

Mirroring the performance in the four-wheeler auto space, Indian two-wheeler companies too replicated a similar performance reporting 70-83 percent decline in the May month sales from the same month a year ago.

Asia’s third largest economy had been under nation-wide lock down for over two months and had recently extended the lock-down with few relaxations till June 30.

India, which now ranks seventh among all countries in terms of number of confirmed cases, has 97,581 active cases and 5,598 deaths reported so far as per the official update on Tuesday.

“The automobile industry volumes are impacted for the period due to low demand sentiment, increased prices on account of BS VI and worsened by the recent COVID-19 outbreak. However, pickup in demand is expected from second half of 2020-21 ((Apr-Mar) considering the improvement in rural demand scenario, better monsoons and government’s thrust on the revival of the overall economy,” said Naveen Dubey, auto analyst with Narnolia Financial Advisors, a domestic stock brokerage house.

Going ahead, margins are expected to remain on the lower side due to higher BS-VI cost and weaker operating leverage despite reduction in commodity prices, Dubey said.

Sales of French brands tumbled by 53.62 percent during the period. The country’s leading auto maker PSA, which makes the Peugeot and Citroen brands, offered 28,552 units, down by 56.07 percent compared to last year’s performance.

France entered a nationwide lockdown to contain the spread of novel coronavirus on March 17. Under the confinement, all non-essential businesses have been closed, triggering the country’s worst post-war economic crisis and forcing companies to ask the state’s help to avoid massive lay-offs and bankruptcy.

Both Maruti and Mahindra reported export sales of 4,651 and 484 units respectively during the month under review, down 48 percent and 80 percent respectively.

India’s auto vehicle exports are mainly directed towards Asia, Africa and Latin America, with two-wheelers, passenger vehicles and three-wheelers accounting for bulk of the volumes, with high growth in the past two-three years and but are now showing symptoms of a down-turn due to COVID-19.

“We expect demand for vehicles in these export markets to fall substantially in 2020. As per IMF (International Monetary Fund), many of these export countries are likely to witness GDP decline in 2020, due to the impact of COVID-19. The impact may be higher in case of oil-exporting nations such as Nigeria, due to fall in oil price. Depreciation of currencies of these export markets may end up inflating prices of imported vehicles,” said Joseph George, auto analyst with India Infoline, a domestic stock brokerage house.

Around 55-60 percent of the auto-dealers have reopened their showroom after relaxation, but the retail sales are merely 10-12 percent of the normal level. Walk-ins and enquires are low, people are cautious and deferring their discretionary purchases, said Abhishek Jain, Dolat Capital, another domestic brokerage in his report on the sentiment prevailing with the domestic auto-dealers

Indian automotive industry employs 37 million people and contributes to 15 percent of indirect tax in the form of Goods and Service Tax of close to 20 billion United States dollars.

However, the sector is already facing unprecedented challenge after sales growth declined by 18 percent last year and could see between 22-35 percent decline in various auto segment this year, according to Society of Indian Automobile Manufacturers.

Peggy Serame, the minister of trade and industry, is expected to share details on the proposed opening on Sunday.

Masisi however pleaded with the nation to drink responsible, adding that his administration will not hesitate to respond on seeing any signs and evidence of none compliance and threat of transmission.

Masisi reiterated that his government continues to do its best to safeguard the health of this nation whilst ensuring that our economy is able to survive following the deleterious effects of the pandemic.

He however warned that efforts to fight the respiratory disease will dent government coffers.

“It must be appreciated therefore, that our on-going efforts to safeguard the future of Botswana in the face of this pandemic will be costly and require that hard choices be made to prioritize the limited resources at our disposal,” Masisi said.

Earlier, the Commissioner, Animal Health Husbandry and Fisheries, Aminu Garba-Dandiga commended Gov. Atiku-Bagudu and his wife, Hajiya A’isha, for their commitment in encouraging livestock farming across the state.

He observed that the state was endowed with all farming potentials, particularly livestock, which needed to be properly harnessed to boost the revenue base of the state.

The Commissioner stressed the need for residents to take advantage of such potentials, by judiciously utilising it with a view to reducing over-reliance on proceeds from oil revenue.

“I want to assure you that livestock is another source of income we can rely on, as it produces milk and meat for people’s consumption.

“The items procured by the State Government will be sold at subsidised prices as follows: wheat offal will go for N3,000, cotton seed cake will be sold at N3,300, 10 kilogramme salt lick costs N4,360 and 5 kilologramme will be N1,680.

“I therefore call on the beneficiaries to utilise the programme in a proper way and I assure you that the programme will be continued,” he assured.

NAN reports that the occasion was attended by the Permanant Secretaries Ministries of Animal Health Husbandry and Fisheries; Education and Women Affairs.

Others in attendance were members of the State and Federal legislature, Chairman, Bagudo Local Government, and the State and National Chairmen of Miyatti Allah Cattle Breeders Association, among others.